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Hero Future to raise $200 mn before IPO
Mint Mumbai
|February 23, 2024
The spate of deals in India’s renewable energy space continues with Rahul Munjal-led Hero Future Energies Pvt. Ltd looking to hire JP Morgan for a pre-initial public offering (IPO) fundraising. The deal is expected to have an equity value of around $200 million, said two people aware of the development.
"The transaction is expected to be launched. It is at a very early stage," one of the two people cited above said, requesting anonymity.
This development comes in the backdrop of the green energy firm’s earlier fundraising of $450 million from parent Hero Group and global investment firm KKR in September 2022. International Finance Corporation (IFC) is also an investor in Hero Future Energies.
Spokespersons for Hero Future Energies and JP Morgan declined to comment.
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